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The National Football League has inked partnership deals with DraftKings, Caesars Entertainment, and Flutter Entertainment's FanDuel.
(Bloomberg) -- Baidu Inc., the Chinese search giant that’s shifting into artificial intelligence, reported quarterly revenue that beat analysts estimates, extending its recovery from the Covid-19 pandemic.Revenue climbed 25% to 28.1 billion yuan ($4.4 billion) in the three months ended March, compared with the average 27.3 billion yuan of estimates. Net income surged to 25.7 billion yuan, mostly boosted by gains in the value of long-term investments, including in recently listed Kuaishou Technology.The company predicted sales of 29.7 billion yuan to 32.5 billion yuan for the June quarter, versus the 30.2 billion yuan seen by analysts.Founder Robin Li has in recent years sought to pivot Baidu away from search to reposition itself as an AI company with autonomous driving ambitions. The firm will eventually derive the bulk of its revenue from businesses beyond search and advertising, as it sustains record R&D investment into AI technologies, the 52-year-old chief executive officer said in an interview with Bloomberg Television in March.What Bloomberg Intelligence Says:Baidu’s sales mix is likely to shift further away from its traditional search advertising business as growth at its non-marketing initiatives continues to be much stronger. Cloud services, autonomous driving, smart transport and hardware drove a 52% jump in 4Q non-marketing sales, while core ads stayed flat for the second consecutive quarter. The trend may accelerate with the integration of Joyy’s domestic live-streaming business in 1H. Operating margin may plunge sequentially due to weak seasonality and stepped-up investment in new initiatives.-- Vey-Sern Ling and Tiffany Tam, analystsClick here for the researchBaidu climbed almost 4% in pre-market trading in New York. The stock has plunged roughly 44% from its record in early February after it was caught up in the implosion of Bill Hwang’s Archegos Capital Management that led to a forced liquidation of the fund’s positions, including in Baidu. Its Hong Kong-listed shares are down nearly 26% since they began trading in March, the worst performer among recent major Chinese tech listings in the city. In contrast, Bilibili Inc., which made its Hong Kong debut about a week after Baidu, has declined 3% while Kuaishou has almost doubled since its February debut.Once part of China’s internet triumvirate alongside Alibaba Group Holding Ltd. and Tencent Holdings Ltd., Baidu has fallen behind in the mobile era, where the effectiveness of its search service has been crippled by super-apps like WeChat creating siloed ecosystems.To compete, Baidu’s core search product is morphing into an all-purpose platform hosting an array of content from news articles to live-streams and short videos, essentially emulating those apps. It last year agreed to pay $3.6 billion in cash for Joyy Inc.’s livestreaming video business in China is aimed at regaining lost ground to the likes of TikTok owner ByteDance Ltd.Its Netflix-style unit iQiyi Inc. reported first-quarter revenue of 7.97 billion yuan, topping the 7.67 billion yuan average of estimates, after drawing more users. Sales in the three months ending in June will be between 7.21 billion yuan to 7.65 billion yuan, compared with an estimated 7.52 billion yuan. The stock rose more than 5% in pre-market trading.It’s also making a big push into autonomous driving, betting on the smart vehicles of the future. In January, the company announced it’s teaming up with Zhejiang Geely Holding Group to produce smart electric vehicles, prompting analysts to hike their value estimates for Baidu’s self-driving unit Apollo. The venture, Jidu Auto, aims to spend 50 billion yuan over the next five years to develop smart-car technology and will hire as many as 3,000 employees for the project over the next two to three years, the company said last month.Read more: Baidu and Geely Plan $7.7 Billion Smart Car Push(Updates with iQiyi shares in ninth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- GDS Holdings Ltd. is considering acquiring GLP Pte’s data centers business as the Chinese cloud computing company seeks to expand its digital infrastructure capacity in the world’s second-largest economy, according to people familiar with the matter.GDS, a developer and operator of high-performance data centers across China, is holding preliminary talks with Singapore investment manager GLP over a potential transaction that could value the assets at $8 billion to $10 billion, the people said, asking not to be identified because the deliberations are private. As part of the deal GLP would become a shareholder in Shanghai-based GDS, the people said.Considerations are at an early stage and the companies could decide against pursuing a transaction, the people said. Details including valuation and structure of a deal could change, they said. Representatives for GDS and GLP didn’t respond to phone calls, emails and text messages requesting comment.GDS shares in Hong Kong closed 6.6% higher following the Bloomberg News report, their highest level since Nov. 5, giving the company a market value of $14.7 billion.Data center giantsThe prospective deal comes as digital infrastructure swells in importance to the global economy, with data centers supporting everything from the video streams that enable remote working to the online gaming and social media that fill our leisure time.Read More: Global Switch’s Chinese Owners Said to Mull $11 Billion SaleGDS, China’s largest independent data center operator by market value, raised $1.9 billion in a Hong Kong secondary listing last year, according to data compiled by Bloomberg. Chief Executive Officer William Huang said in a November Bloomberg Television interview that the company plans to use the proceeds primarily to invest in data centers in China, Hong Kong and possibly Southeast Asia. GDS might also look at M&A opportunities in China and beyond, Huang said.GLP has substantial data center holdings of its own in China. The company has been developing GLP Huailai Internet Data Centre in Hebei province, northern China, with a total investment of about 10 billion yuan ($1.6 billion), according to its website. The facility will offer more than 15,000 cabinets, which can hold about 200,000 servers, once the project is finished.Founded in 2009, the firm is a global investment manager in logistics, real estate, infrastructure and technology, the website shows. It operates in markets including China, the U.S., Brazil, Europe, India, Japan and Vietnam and counts more than $100 billion in assets under management.A sale of the data center assets would follow other blockbuster deals by GLP. In 2019, it sold its U.S. urban logistics properties to Blackstone Group Inc. in an $18.7 billion transaction.(Updates with share price in fourth paragraph and with context from fifth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Qatar Investment Authority is in talks to inject HSBC Holdings Plc’s London headquarters building into a planned property trust being listed by City Developments Ltd., people with knowledge of the matter said.The potential deal would boost the value of the real estate investment trust portfolio to 1.8 billion pounds ($2.6 billion) from 600 million pounds, said the people, who asked not to be identified as the information is private.The Gulf sovereign wealth fund and the Singaporean homebuilder aim to raise 500 million pounds from an initial public offering of the sterling-denominated REIT, the people said. The IPO could take place in the city-state as soon as the third quarter, they said.Deliberations are ongoing and there is no certainty that a deal will proceed, said the people. A representative for City Developments declined to comment. A representative for QIA did not immediately respond to requests for comment.The IPO denominated in sterling would be only the second such offering in Singapore, after Elite Commercial REIT’s first-time share sale raised 135.4 million pounds last year. City Developments has been working with DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. on the planned REIT IPO, Bloomberg News reported last year.City Developments has constructed more than 46,000 homes and owns over 24 million square feet of properties in 29 countries and regions, according to its website. Its portfolio includes residences, offices, hotels and shopping malls.QIA manages about $300 billion of assets and ranks as the world’s 11th-largest wealth fund, according to the Sovereign Wealth Fund Institute. It bought 8 Canada Square, the building in London’s Canary Wharf financial district that houses HSBC’s head office, in 2014 from South Korea’s National Pension Service for an undisclosed amount.Sheikh Mohammed bin Abdulrahman Al Thani, QIA’s chairman and Qatar’s foreign affairs minister, told Bloomberg TV in January that the fund is looking to Asia for deals in an effort to diversify an investment portfolio heavily weighted toward North America and Europe.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
‘Will she still be able to use our daughter as a tax deduction? My concern is also with the coming child tax credit this summer.’
SafeMoon debuted its cryptocurrency in March, claiming to solve common problems that plague Bitcoin, Ethereum, and Dogecoin.
Experienced hands look to be buying the dip as a key bitcoin price indicator suggests the pullback may be coming to an end.
Raoul Pal tells bitcoin investors that current volatility is to be expected, but big things are around the corner.
‘Everybody wants to have asset prices forever going up and the cost of financing to be next to nothing,' Kerry Killinger says.
AT&T said Monday it will combine its massive WarnerMedia media assets, which includes HBO and CNN, with Discovery Inc. to create a new media heavyweight in a $43 billion deal.
Companies caught in the middle of the global semiconductor shortage, which is roiling the car business, are starting to see light at the end of the tunnel.
The payments will reach more than 65 million children, according to senior administration officials.
(Bloomberg) -- Beijing threw the spotlight on trade tensions with its top commodities supplier, Australia, after the government’s economic planning agency said it’s looking to diversify China’s supply of iron ore.Chinese firms should boost domestic exploration for the steel-making input, widen their sources of imports, and explore overseas ore resources, the National Development and Reform Commission said at its monthly briefing.The NDRC also said Australia should stop damaging economic and trade cooperation with China and take measures to promote the healthy development of bilateral ties.Iron ore is Australia’s biggest export earner, and relations with Canberra have taken a turn for the worse in recent weeks. But adding the mineral to a raft of curbs already in place on Australian commodities would be a risky move given near-record prices and China’s dependence on Australia’s high-quality supply for about two-thirds of its imports.“While an outright ban would be almost unimaginable, various forms of restrictions, delays or increased administrative burdens on Australian iron ore imports could yet happen,” Wood Mackenzie said in a recent note.Chinese industrial commodities prices powered on, meanwhile, recovering much of their poise after last week’s pullback.Citigroup said further gains for markets like steel, aluminum and coal are supported by solid demand and a policy agenda that includes “domestic production crackdowns for environmental, energy and safety control purposes,” according to a note from the bank.At the same time, an acceleration in credit tightening is unlikely in the foreseeable future after the central bank expressed only limited concern about the surge in commodities prices feeding through into CPI, Citigroup said.Otherwise, the day’s agenda is led by China’s agricultural imports for April. Purchases of corn, wheat and sorghum are likely to stay elevated, as China’s buying binge continues to help fuel a global grains rally.Events Today(All times Beijing unless noted otherwise.)China’s 2nd batch of April trade data, incl. agricultural imports; LNG & pipeline gas imports; oil products trade breakdown; alumina and rare-earth product exports; bauxite, steel & aluminum product importsLONGi Green, Goldwind execs among speakers at Macquarie Group conference in Hong KongEARNINGS: Daqo New EnergyToday’s ChartChina’s data dump for April suggests the economy’s expansion may have plateaued as policy makers seek to rein in commodities-intensive spending on real estate and infrastructure before new growth drivers of consumer spending and manufacturing investment have recovered.On the WireShaanxi province, China’s third-biggest coal producing region, hit a clean energy milestone last month when generation from renewables briefly topped thermal power for the first time.In a town on the edge of the Gobi desert is a sign in English and Chinese that reads “Oil Holy Land.” Nearby, a preserved drilling rig marks the spot of China’s first commercial oil well.JinkoSolar Announces Change to Senior ManagementChina Is Drafting Carbon Peaking Plans for Steel, Power SectorsAsian Copper Stocks Rise on Top Producer Chile’s Election ResultHuadian Power Downgraded to Sell by Citi on Rising Coal CostsBank of China, Citigroup, BNP Lead Green Bond Offshore MarketCGN Wind Energy Adds Zhejiang Province’s Largest Offshore FarmGCL-Poly Energy Says Deloitte Touche Tohmatsu Resigns as AuditorBrazil Iron Ore Miners Seen Lifting Output Coming Months: IbramChina’s Tapering of Monetary Stimulus Could Pop Oil Price BubbleThe Week AheadWednesday, May 19China’s monthly loan primes rates, 09:30China’s April output data for base metals and oil productsHOLIDAY: Hong KongThursday, May 20China’s 3rd batch of April trade data, including country breakdowns for energy and commoditiesSMM battery materials conference in Changsha, Hunan, day 1USDA weekly crop export sales, 08:30 ESTFriday, May 21Ganfeng Lithium, EVE Energy, Huayou Cobalt execs among speakers at Macquarie Group conference in Hong KongChina weekly iron ore port stockpilesShanghai exchange weekly commodities inventory, 15:30SMM battery materials conference in Changsha, Hunan, day 2AGMs: Cnooc, Tianqi Lithium, CATLMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Dividend stocks are always popular. They offer investors a clear path to returns, with regular cash payments and a yield – a return on the original investment – that usually far exceeds bond yields. But not all dividend stocks are created equal, and some offer better opportunities than others. Dividend yield is a key metric. Among S&P listed companies the average yield is only 2%. However, the highest yields aren’t always the way to go. Investors should also consider share appreciation or upside potential – these factors aren’t always connected to dividends, but they will affect the general returns available from a given stock. To that end, we’ve used the TipRanks database to pull up two high-yield dividend stocks that share a profile: a Buy-rating from the Street’s analyst corps; considerable upside potential; and a dividend yielding over 8%. Let’s take a closer look. New York Mortgage Trust (NYMT) We’ll start with a real estate investment trust (REIT), a logical place to turn for high dividend returns. REITs typically pay out higher than average dividends, as a way of complying with profit-return regulations in the tax code. New York Mortgage Trust, which holds a portfolio of adjustable-rate residential mortgage loans, commercial mortgages, and non-agency mortgage-backed securities, is typical of its niche, both in the quality of its portfolio and its high yield dividend. In its recent 1Q21 financial release, NYMT listed several metrics of interest to investors. The company sold off non-agency RMBS and CMBS totaling $111.6 million, purchased $347.3 million in residential loans, and finished the quarter with $4.72 billion in total assets. The company saw net investment income of $30.3 million, and was able to fund its dividend payment, to the tune of 10 cents per common share. At that payment rate, the dividend yields 8.91%. This was the second dividend declaration in a row at 10 cents; the company has been gradually increasing the payment since cutting it back last summer during the worst of the corona crisis. B. Riley analyst Matt Howlett was impressed by NYMT’s management of the recent economic crisis, and that factor takes a lead role in his recent initiation report. “Over the last decade, NYMT has delivered among the highest economic return within the space due in part to strong asset selection, low leverage, and a highly efficient operating structure. While the March 2020 liquidity crisis was a setback for the industry, NYMT managed the crisis admirably, in our view, and avoided any major wear and tear on the company. In fact, we argue that as NYMT has rebuilt, its originations have become more direct (acquiring loans vs. securities), and its cost of capital has been declining,” Howlett opined. In line with these comments, Howlett rates the stock a Buy, and his $6 price target implies a one-year upside potential of 36%. Based on the current dividend yield and the expected price appreciation, the stock has ~45% potential total return profile. (To watch Howlett’s track record, click here) Overall, there are four recent reviews on record for NYMT, and they break down to 2 Buys, 1 Hold, and 1 Sell for a Moderate Buy consensus rating. The shares are selling for $4.45, and the average price target of $5.17 suggests room for ~17% upside from that level. (See NYMT stock analysis on TipRanks) Global Net Lease (GNL) Next up, Global Net Lease, is another REIT. The portfolio here is built on commercial real estate properties. A review of the company’s portfolio shows 306 such properties, totaling 37.2 million square feet of leasable space, let to 130 tenants. GNL operates in 10 countries, and boasts that 99.7% of its total square footage has been leased. The average lease has 8.3 years remaining – an important factor, as the long term provides stability to the portfolio. In the first quarter of 2021, GNL showed a top line of $89.4 million, up 12.8% from the year-ago quarter. The company ran a net loss, but at $800,000 that loss was significantly smaller than the $5 million lost in 1Q20. Net operating income was up from $71.9 million one year ago to $81.8 million in 1Q21. GNL reported sound liquidity in the quarter, with $262.9 million in cash or cash equivalents and an additional $88.6 million available in credit. And most importantly, GNL reported collecting 100% of rents due in Q1. GNL declared a 40 cent dividend for common shareholders during the quarter, and through it distributed a total of $36.2 million. At that rate, the dividend annualizes to $1.60 and gives a high yield of 8.59%. The dividend was cut last year during the corona crisis, but has been kept stable for five quarters since then. All of this adds up to a company that is sound on fundamentals of its business, and that has attracted notice from analyst Bryan Maher. In his note for B. Riley, Maher writes, “GNL's strong portfolio metrics provide for an attractive setup for the balance of 2021…. Given that GNL, in our view, is not over-levered and can borrow at exceedingly low rates, combined with prudent use of its in-place ATM, we are not concerned about the REIT's ability to finance acquisitions to hit our $300.0M target for 2021.” The analyst summed up, "Given GNL's well-crafted industrial/ office net lease portfolio and strong operating metrics, we reiterate our Buy rating on the shares." The Buy rating comes with a $23 price target attached. At current share price, that implies an upside of ~25% for the next 12 months. (To watch Maher’s track record, click here) Some stocks fly under the radar, and GNL is one of those. Maher's is the only recent analyst review of this company. (See GNL stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The air is leaking out of the crypto complex, led by sharp declines in popular trades, including bitcoin, dogecoin and crypto platform Coinbase Global on Monday.
The relief bill the president signed in March is giving states money for direct payments.
MicroStrategy Inc. disclosed Tuesday that it just spent $10.9 million to buy 229 bitcoins, at an average price of $43,663 per bitcoin, including fees. Bitcoin was recently trading up 2.9% at $45,012, according to FactSet, while MicroStrategy's stock was up 1.3% in premarket trading. The enterprise software and bitcoin play, which has said it uses bitcoin as its primary treasury asset, said it now holds 92,079 bitcoins, acquired for $2.25 billion at an average purchase price of $24,450 per bitcoin. MicroStrategy shares have tumbled 47.3% over the past three months through Monday, while bitcoin has dropped 12.8%, the SPDR S&P Software & Services ETF has declined 11.4% and the S&P 500 has gained 6.4%.
The legislation would outlaw penalizing taxpayers until the IRS clarifies its policies.
A paper that my colleague Anqi Chen and I wrote last year — “How Much Taxes Will Retirees Owe on Their Retirement Income?” — keeps hitting the “top 10” list on a major listserv for social sciences research. As people approach retirement, they tend to add up their financial resources — Social Security benefits, defined benefit pensions, defined contribution balances, and other assets. The question we look at is just how large the tax burden is for the typical retired household and for households at different income levels.
The telecom company's shares have tumbled over the past two sessions as investors come to terms with a dividend cut that will accompany the content deal with Discovery.
What does a weekend meltdown in bitcoin prices portend for U.S. stocks? Bitcoin (BTCUSD) is supposed to be an asset that isn’t highly correlated with equity markets, or any other traditional asset for that matter, but some analysts have pointed out that the cryptocurrency has traded in closer step with parts of the market amid the recent turbulence in equities as investors attempt to assess the most effective strategies for playing an economy recovering from the worst pandemic in more than a century. In a blog post on Sunday, Mott Capital’s Michael Kramer said that bitcoin’s recent breakdown could signal that risk appetite on Wall Street is in transition — presumably in a bearish direction.